Bitcoin’s price has a little dipped since reaching the unprecedented high Since mid-March, the price has been mostly moving sideways. The halving is less than two weeks away and will focus all attention on Bitcoin. next Couple of weeks.
A recent observation on the chain shows that the BTC exchange supply has steadily declined over the last few months. Discussions have been started about what the Bitcoin price could be in the near and long-term based on this new trend.
755 Million Dollars have been transferred out of exchange wallets in the past month
Ali Martinez is a prominent crypto expert took to the X Platform to announce that significant amounts of Bitcoin have been removed from crypto exchanges in the last month. Glassnode’s balance on exchanges, which measures the amount of Bitcoin (in this case) across all addresses, is relevant.
If the indicator value decreases, it means that there are more Bitcoin deposits than withdrawals from centralized exchanges. A rise in the value of this metric indicates, however, that there are more Bitcoins flowing into these exchanges.
Chart showing Bitcoin Balance on All Exchanges | Source: Ali_charts/X
As per MartinezAbout 111,000 BTC, worth about $7.55 billion have been moved out of wallets at known crypto exchanges over the past month. A large exodus (of funds) usually indicates a major shift in sentiment among Bitcoin investors.
The exact reason for such an enormous movement of Bitcoin is still unclear. However, the flow from the trading platforms indicates a growing investor confidence. The BTC market is more concerned with holding assets for the longer term than they are about selling them to make short-term profits.
This downward trend of BTC on the exchanges may also set up a rally in the Bitcoin price. The sustained decline in the BTC’s supply on centralized exchanges could result in a supply crunch – a scenario where the supply of a particular asset is lower than its demand, leading to a surge in its value.
The price of Bitcoin could also be influenced by the influx of new Bitcoins. upcoming halving eventThe event, expected to happen on April 18th 2024. This event will have a positive impact on the price of BTC, as the miner’s rewards are halved and production of Bitcoin is slowed.
Bitcoin Price at a Glance
Bitcoin is now worth $69,537. That’s a 2.7% gain in just the last 24 hour.
The daily chart of BTCUSDT shows that Bitcoin is on the brink of reaching $70,000.| Source: BTCUSDT chart on TradingView
Featured Image from iStock and chart from TradingView
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